New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-04-13
TIE WESTERN UNION NEW BOyD ISSUE.
COLONEL REIrF PUTS IN HIS USUAL PROTEST IN

COLONEL REIFF PUTS IN HIS USUAL PROTEST IN
VAIN.
meeting of stockholders of the Western Union Tel
egraph Company was held yesterday in response 10
call issued by President Norvn Green to act upon 'no
propositions for an increase in the capital STOCK 10
take up the scrip dividend of $1,000 900 issued on
April Is. 1886 and tor the issue of bonds to be ex-
changed tor the securities OF companies whose Ine
have been leased to the Western Union The oig room
in the Broadway and Dey-st building was hlled WIN
about thirty people, among whom was Colonei d. -
Rei who appears with protest at nearly every cct
ing OF the companys stockholders Alonzo H. corner
was elected chairman of the meeting and the polls
were kept open tOI an hour.
Coolne Ref started the ball by Offering verbal pro
tests in large numbers against allowing vote 10 DC
by persons who were directors Ia ne leased conf
panes, whose securities the Western Union proposes
to exchange Its new bonds Tor. The chairman decnca
20 accept these protests, and then they were heu III
documents Meantime the inspectors OF election wero
busying themselves in counting the votes Tor anu
against the two propositions. Colonel Refill reselNed
permission from the chairman to address some qucs-
tons to President Green. He asked whether the "est
ern Union to receive any consideration lot tne
obligation il was to assume in acquiring the leaseu
lines Dr. Green replied that the measure would re-
suit in reduction OF the rates OF interest now pa1 py
the Western Union Colonel Reih declared that all OF
the interest paid by the Western Union was not Ut he
rate of per cent the American Cable Company, Tor
instance. guaranteed only . per cent. Aii Ate
further colloquy between Dr. Green and Coion,i hei
Henry Day made the point that the objeetor had no
standing inasmuch as IL was proposed to deal only
with individual stock or bondholders OF the leased
companies. Dr. Green took occasion 10 Ienark th'o
while Mr. Rein al stakeholder entitled to every
iota OF legal rights, the fact that he had become a
stakeholder the purpose of harassing and nluring
the company should prevent his receiving any
courtesy He therefore wished the chairman to pre-
vent the receiving of any remarks that were not prr
nent.
Colonel Reif retorted that he wanted to prevent tue
company from creating debt ahead of the stock
which was not needed and for which the stockholders
received 10 value.
The teers announced the vote as 5s7 20i shares in
bond, for the
ties of controlled aud leased companies. and sou
shares a.ainst; and 5S7,204 votes in favor OF the
proposition to increase the capital stock to 10y snare
against The Affirmative vote is over thirds oil the
capital stock.
Colonel Reii demanded to see the books OF the IN
spectors but he was ruled out OF order by Chairman
Cornell aud the meeting adjourned. Ii in stated by
the Western Union officers that they expect Coonei
Re to take legal proceedings to try TO prevent inc
carrying out OF the scheme OF the interchange OF Sc
curties But they also profess confidence that their
side will be successful